The global identity theft protection services market is projected to register a 17.44% staggering CAGR between 2017 and 2025. The market could be valued at a US$ 24.05 Bn by the end of 2025, improving its valuation from a US$ 6,647.90 Mn obtained in 2017.
As per the report, players could cash in on underpenetrated and significant market opportunities for proactive consumer risk management services for enterprises and identity theft protection services for consumers.
Global Identity Theft Protection Services Market: Segmentation
By application, the global identity theft protection services market is categorized into enterprise and consumer.
By type, the report studies four segments, viz. bank fraud, phone or utility fraud, employment or tax-related fraud, and credit card fraud.
The authors of the report have provided a deep analysis of each of these segments to understand their growth potential and other significant aspects.
Global Identity Theft Protection Services Market: Regional Analysis
Geographically, the global identity theft protection services market is divided into Southeast Asia, Japan, India, China, Europe, and the U.S. The report studies all of these regions and countries with an extensive analysis of their market growth and business opportunities available.
In the U.S. alone, the total addressable market for consumer identity theft protection services roughly includes 148 Mn adults. Identity theft concerns an almost two-third of the U.S. adult population. The report has focused on adults with more than a US$ 50,000 annual household income and those concerned about identity theft. According to the findings included in the report, there are about 78 Mn such adults in the U.S.
International markets are expected to offer considerable growth prospects if players tailor their services according to regulatory requirements and various identity elements. After analyzing U.S. government studies, industry trade publications, public filings, and industry research, the analysts estimate that close to 3.4 Bn transactions per year are included in the total addressable market for enterprise consumer risk management services.
Global Identity Theft Protection Services Market: Barriers
The report identifies five market barriers that could pose challenges to players entering the industry: unfair methods of competition, regulatory requirements, intellectual property rights, capital requirements, and product development costs.
Nevertheless, there could still be new investments made in the global identity theft protection services market due to the sustained optimism of investors. The research analysts suggest new players to not enter the market without upstream and downstream support and technical advantage, despite having access to the required amount of funds.
Global Identity Theft Protection Services Market: Competitive Analysis
New entrants could find it challenging to compete against international brands vis-à-vis technological innovation, reliability, and quality. Regional and local players are observed to offer products for specific applications in various end-use industries.
Increasing merger and acquisition and rising level of competition are helping the global identity theft protection services market to grow aggressively. In this highly competitive business, companies are trying to gain a foothold in the market by improving their products and services and offering them at lower prices. They are also offering superior or comparable products and services and quickly adapting to changing market requirements and industry trends to cement their position in the market.
The nature of the vendor landscape is examined to be fragmented. Some of the top companies providing identity theft protection services are FICO, TransUnion, Equifax, Experian, and LifeLock (Symantec).